M&S Current Account

  • Access to an arranged overdraft that suits your needs at account opening (subject to status). Interest rates apply.
  • Access to the high rate Monthly Saver.
  • No monthly account fee.

Apply for an M&S Current account

To support customers financially impacted by Covid-19, from 9 April 2020, we temporarily won't charge interest on the first £500 of arranged overdraft borrowing. Normally, we charge interest on arranged overdraft borrowing over £250. Additionally, we'll temporarily charge 19.9% EAR (variable) for any arranged overdraft balances above £500. The normal rate of interest for overdraft borrowing is 39.9% EAR (variable). These measures are automatically activated so there's no need to call us.

These are temporary measures, which will remain in place for three months, and do not change the account and overdraft contractual terms and conditions, which remain the same. We'll keep this under review and we'll update customers before we make any changes to these measures.

No interest-free amount applies to M&S Additional Accounts.

Did you know we give customers a choice of current accounts?

We also offer the M&S Premium Current Account; for £10 per month you can get more of the things you love from M&S.

We are required to publish the Financial Conduct Authority Service Quality Information for personal current accounts.

To open any of our accounts, a new customer will need to provide us with the documents and information set out in our Keeping you safe page. We may request additional information or documents in individual cases.
You can open an account:
without visiting a branch Yes
where a visit to a branch is required, without an appointment In some cases
by sending us documents and information electronically In some cases
by post No

Features and benefits

Monthly Saver account

Access to a 2.75% AER/gross fixed rate for 12 months with our M&S Monthly SaverM&S Monthly SaverFootnote 1* if you switch to us using the Current Account Switch ServiceCurrent Account Switch Service and have two active Direct Debits.

Arranged Overdraft

Available at account opening (subject to status). The first £250 of any arranged overdraft is interest free. Overdraft interest is charged at 39.9% EAR variable on all balances over £250 and up to any arranged overdraft limit.

M&S Visa Debit Card

Our Visa debit card can be used at over 38 million locations in over 200 countries and it comes with contactless technology built in.

Internet Banking

Manage your accounts online, check balances and transactions, pay bills and make payments.

M&S Loyalty Scheme

Earn 1 point for every £1 spent on your M&S Visa Debit Card in M&S (in store and online) through the M&S Loyalty SchemeM&S Loyalty Scheme.

M&S Banking App

Quickly keep track of your current account spending on the go with this easy to use app. Device restrictions apply.

Representative example: 0% EAR variable on the first £250, 39.9% EAR variable on anything above that, giving a representative rate of 30.5% APR variable (assumed arranged overdraft £1,200).

The M&S Current Account is subject to status and account conduct. You must be aged 18 or over.

Footnote 1* [1]Access to the M&S Monthly Saver is available when you switch to us using the Current Account Switch Service and include two active Direct Debits. You can save from as little as £25 up to a maximum of £250 a month. Which means that, if you pay in the maximum monthly contribution of £250 on the same date each month, for 12 months, you could earn gross interest of around £44.69. Partial withdrawals not permitted. Interest is paid at the end of the 12 month term. If you save less than £250 in any given month, you can carry over any unused allowance to the following months. Monthly Saver interest is calculated daily and credited annually at the end of the 12 month term. Rate is subject to change.

FAQs

Can I switch my account on a date that suits me?

Yes, you can select and agree a date with your new bank or building society and the process will start 6 working days before that date. Working days are Monday to Friday, excluding bank and public holidays.

What is the Current Account Switch Guarantee?

The guarantee sets out the key benefits of the service and specifies that you will be refunded any charges and interest incurred on your old or new bank account as a result of a failure of the service. All banks and building societies that display the Current Account Switch logo offer the Current Account Switch Service and abide by the guarantee.

How does the M&S Bank Debit Card complement the M&S Sparks card?

With M&S Bank and Sparks, it's easy to get even more of what you love. You'll enjoy everything from tailor-made offers and priority access to new-season previews and sales and lots of little treats. Plus, when you use your M&S Debit Card in store or online at M&S, you'll also be collecting points and earning reward vouchers to spend at M&S too – so M&S Bank and Sparks really are a perfect match!

Ready to apply?

Apply for an M&S Current Account

Apply over the phone:0800 756 7777

Lines are open 8am-8pm Monday to Saturday, 10am-6pm Sunday. Calls are recorded.

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Definitions

AER is the annual equivalent rate. This is the interest rate you would receive if interest was paid and added to your savings on an annual basis. Gross is the rate of interest if interest were paid and not compounded each year. Interest rates correct as at 15 November 2019. EAR is the effective annual rate.

Calls are recorded.